222 SW Pine St
- Mix of studios and 1 bedrooms at 50-60% AMI
- Restriction through 2067, possible renegotiation with agencies
- 1997 vintage
- Portland CX - Central Commercial
- Soft debt of ~ $1.66 million, due to PHB, payable through 50% of excess cash flow at year end.
- OZ and QCT (In Westside TIF district - resources available for market rate, commercial, and Affordable and middle income housing)
- Two blocks from MAX light rail
Property Description
Rare acquisition rehab and development opportunity in the heart of Portland. In addition to 113 LIHTC units, buyer has the opportunity to assemble nearly 3/4ths of a city block. In the 2026 Qualifying Census Tract (QCT) and an Opportunity Zone, buyer of the apartments may have the opportunity to purchase the three story parking deck underneath, which presents an opportunity to convert two floors to as many as 57 additional multi-family units. The adjoining vacant lot (approximately 0.23 acres) is also available. Contact listing broker for more details.
Key Property Information
| Listing Status: | Available |
|---|---|
| Listing Type: | Call for offers |
| Property Types: | Apartment Buildings |
| Price: | $3,800,000 |
| No. of Units: | 113 |
| Year Built: | 1997 |
| Lot Size: | 0.44 Acres |
| Opportunity Zone: | No |
| Price per unit: | $33,628 |
| Property Website | Click Here |
Investment Analyzer
Sponsored by:
Step 1Financing Calculation
Step 2Gross Rent Analysis
Please enter annual amounts.
Step 3Cap Rate Calculation
Step 4Final Deal Analysis
Similar Properties in the Area
120 D Street
Hot Springs, Montana
1414 N Lincoln St
Spokane, Washington
2521 E Queen Ave
Spokane, WashingtonBrokers
View All-
Remax Professionals
Re/Max Real Estate Professionals | New York
-
Jared Ennis
Central CA Commercial | California
-
Rick Recckio
Recckio Real Estate & Development
-
Eamonn McConnell
Avison Young - CA - ON - Greater Toronto
Lenders
View AllManagement
View All-
Essex Property Trust, Inc.
California
-
Josh A
California
-
Bob Tuteur
-
Andrew Schildcrout